Financial Performance - The company's operating revenue for Q1 2025 was CNY 407,961,034.96, a decrease of 4.25% compared to CNY 426,068,533.52 in the same period last year[3] - Net profit attributable to shareholders was CNY 8,518,174.22, down 81.52% from CNY 46,099,895.98 year-on-year[3] - Basic and diluted earnings per share were both CNY 0.02, reflecting an 81.82% decrease from CNY 0.11 in the same period last year[3] - Total operating revenue for Q1 2025 was CNY 407,961,034.96, a decrease of 4.6% compared to CNY 426,068,533.52 in Q1 2024[19] - Net profit for Q1 2025 was CNY 8,518,174.22, a decline of 81.5% from CNY 46,099,895.98 in Q1 2024[20] - Basic and diluted earnings per share for Q1 2025 were both CNY 0.02, down from CNY 0.11 in Q1 2024[21] Research and Development - R&D investment totaled CNY 44,937,664.51, representing an increase of 101.67% compared to CNY 22,283,293.95 in the previous year, accounting for 11.02% of operating revenue[3] - R&D expenses rose significantly to CNY 44,937,664.51 in Q1 2025, compared to CNY 22,283,293.95 in Q1 2024, reflecting a 101.5% increase[20] Cash Flow and Liquidity - The net cash flow from operating activities was CNY 143,963,575.72, a significant improvement from a negative cash flow of CNY -39,060,029.41 in the previous year[3] - Cash received from sales of goods and services in Q1 2025 was CNY 431,234,586.13, an increase of 6.8% from CNY 403,766,822.99 in Q1 2024[23] - The net cash flow from operating activities was $143,963,575.72, a significant improvement compared to a net outflow of $39,060,029.41 in the previous period[24] - Cash inflows from operating activities were $553,657,962.04, an increase from $431,348,761.67 in the previous period, indicating growth in operational efficiency[24] Assets and Liabilities - Total assets at the end of the reporting period were CNY 7,549,065,939.54, an increase of 2.61% from CNY 7,356,705,041.15 at the end of the previous year[3] - Total liabilities increased to CNY 2,220,582,213.29, compared to CNY 2,043,723,276.03 in the previous period[16] - Non-current liabilities totaled CNY 667,384,101.49, an increase from CNY 500,947,884.87[16] - The company reported a total equity of CNY 5,328,483,726.25, slightly up from CNY 5,312,981,765.12[16] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 18,195[10] - The top shareholder, Zong Yanmin, holds 30.09% of the shares, totaling 129,302,726 shares[10] Government Support - The company received government subsidies amounting to CNY 6,000,000, which are expected to have a sustained impact on its profits[5] Current Assets - The company reported a total current assets of RMB 3,350,082,734.55 as of March 31, 2025, an increase from RMB 3,124,652,583.59 on December 31, 2024, representing a growth of approximately 7.24%[14] - Cash and cash equivalents increased to RMB 1,474,765,516.80 from RMB 1,239,198,322.57, reflecting a growth of about 19.00%[14] - Accounts receivable slightly rose to RMB 529,991,511.75 from RMB 520,263,327.64, indicating a marginal increase of 1.40%[14] - Inventory levels were reported at RMB 1,032,851,809.31, showing a slight increase from RMB 1,021,875,768.82, which is a growth of approximately 1.00%[14] Fixed Assets - The company’s long-term equity investments decreased to RMB 25,397,436.83 from RMB 26,899,414.16, a decline of about 5.58%[14] - Fixed assets were valued at RMB 3,573,533,264.25, down from RMB 3,614,761,253.75, representing a decrease of approximately 1.14%[14] Strategic Direction - The company has not reported any significant new product launches or technological advancements during the reporting period[13] - There are no updates on market expansion or mergers and acquisitions in the recent financial report[13] - The company has not indicated any changes in its strategic direction or new strategies implemented in the current reporting period[13] Financial Statement Reliability - The financial statements are unaudited, which may affect the reliability of the reported figures[14]

国泰海通证券股份有限公司(以下简称"保荐机构")作为山东天岳先进科 技股份有限公司（以下简称"公司"）首次公开发行股票并在科创板上市的持续 督导保荐机构,根据《证券发行上市保荐业务管理办法》《上市公司监管指引第 2 号 --- 上市公司募集资金管理和使用的监管要求》《上海证券交易所科创板股 票上市规则》《上海证券交易所科创板上市公司自律监管指引第 1 号 -- 规范运 作》等有关规定,对公司使用部分超募资金永久补充流动资金事项进行了核查, 具体情况如下: 一、募集资金基本情况 根据中国证券监督管理委员会《关于同意山东天岳先进科技股份有限公司首 次公开发行股票注册的批复》（证监许可（2021）3935 号），公司首次公开发行 人民币普通股(A 股)42,971,105 股,全部为公开发行新股。每股面值人民币 1.00 元,每股发行价格为人民币 82.79 元,募集资金总额为人民币 355,757.78 万元, 扣除各项发行费用后的实际募集资金净额为人民币 320,347.13 万元。 国泰海通证券股份有限公司 关于山东天岳先进科技股份有限公司 使用部分超募资金永久补充流动资金的核查意见 立信会计师事务所（特殊普 ...

天岳先进公告，2025年第一季度营收为4.08亿元，同比下降4.25%；净利润为851.82万元，同比下降 81.52%。 ...

Core Insights - The report by Dongwu Securities highlights the potential of silicon carbide (SiC) materials as ideal substrates for AR glasses due to their high refractive index and thermal conductivity [1][3] - AR glasses are positioned as a perfect carrier for AI applications, merging virtual and real-world information seamlessly [2] Industry Overview - The global shipment of AR glasses is projected to reach 553,000 units in 2024, representing a year-on-year increase of 7.8%, with China accounting for 286,000 units [2] - The optical display system, comprising optical combiners and micro-displays, is the core component of AR glasses, constituting over 40% of the total cost [2] Technology Trends - Surface relief grating (SRG) waveguide technology is identified as the future mainstream trend for AR glasses' optical display systems, offering controllable manufacturing costs and excellent optical performance [2] - SiC materials combined with SRG waveguides and etching processes are crucial for significant advancements in AR glasses, enhancing field of view (FOV) and addressing issues like color dispersion and light loss [3] Cost Reduction Strategies - The need for semi-insulating SiC substrates in large sizes is emphasized as a key factor for cost reduction, with breakthroughs in 12-inch substrate mass production being essential for making AR glasses more accessible to the consumer market [4] - It is estimated that if AR glasses reach a shipment volume of 100 million units, approximately 10 million 12-inch SiC substrates will be required [4] Investment Recommendations - The report recommends focusing on companies such as Jing Sheng Mechanical and Tian Yue Advanced as key investment opportunities in the AR glasses sector [5]

Investment Rating - The report recommends a focus on investment in companies such as Jing Sheng Mechanical & Electrical and Tian Yue Advanced [2]. Core Insights - AR glasses are seen as the perfect carrier for AI applications, combining virtual and real-world elements. The global shipment of AR glasses is expected to reach 553,000 units in 2024, a year-on-year increase of 7.8%, with China accounting for 286,000 units [2][11][17]. - The optical display system is the core component of AR glasses, comprising optical combiners and micro-displays, which account for over 40% of the total cost [2][26]. - The surface relief grating waveguide (SRG) is identified as the future mainstream trend for AR glasses' optical display systems, offering controllable manufacturing costs and excellent optical performance [2][57]. - Silicon carbide (SiC) materials are highlighted as ideal substrates for AR glasses due to their high refractive index and thermal conductivity, enabling a field of view (FOV) of over 80 degrees with a single-layer SiC lens [2][66]. - The need for semi-insulating SiC substrates is emphasized, with a focus on achieving mass production of 12-inch substrates to reduce costs significantly [2][63]. Summary by Sections Section 1: AR Glasses and Their Market - AR glasses are defined as smart wearable devices that overlay virtual information onto the real world, enhancing user experience [5][10]. - The market for AR glasses is expected to peak in 2024, with significant improvements in portability, functionality, and technology [17][18]. Section 2: Optical Waveguide Structures - The report discusses various optical waveguide structures, with SRG being the most suitable for mass production due to its manufacturing feasibility and optical performance [57][58]. - The advantages of SiC in optical waveguide applications include the ability to reduce color separation and improve thermal management, which is crucial for AR glasses' performance [70][71]. Section 3: Silicon Carbide Materials - SiC materials are noted for their high refractive index, which enhances the FOV and mitigates issues like rainbow patterns in optical waveguides [66][70]. - The report emphasizes the importance of achieving large-size SiC substrates to lower production costs and facilitate the entry of AR glasses into the consumer market [2][63].

证券代码：688234 证券简称：天岳先进 公告编号：2025-032 公司原保荐代表人为邬凯丞、邬岳阳、蒋勇和王晓洁，本次合并后，国泰海 通指派保荐代表人邬凯丞、邬岳阳继续履行对公司的持续督导职责。 本次持续督导机构名称变更并调整保荐代表人后，公司首次公开发行 A 股股 票的持续督导保荐机构为国泰海通，保荐代表人为邬凯丞、邬岳阳（简历详见附 件），持续督导期至 2025 年 12 月 31 日。 特此公告。 山东天岳先进科技股份有限公司 董 事 会 山东天岳先进科技股份有限公司 关于持续督导机构名称变更并调整保荐代表人的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 根据中国证券监督管理委员会《关于同意山东天岳先进科技股份有限公司首 次公开发行股票注册的批复》（证监许可〔2021〕3935 号）以及上海证券交易所 出具的《关于山东天岳先进科技股份有限公司人民币普通股股票科创板上市交易 的通知》（〔2022〕8 号），山东天岳先进科技股份有限公司（以下简称"公司"） 获准首次公开发行股票并于 2022 年 1 月 1 ...

那2025年呢我们测算了一下假如说这个比亚迪他2025年拥有这个800伏和1000伏的这个车的话呃新增这个九十万九十万台那呃20262026年呢这个相关的车型新增180万台按照这个一片六寸的碳化合石秤颈的大概对应六辆车的这个图的这个用量来算的话那分别是增加这个15万片跟这个30万片的一个行业的需求 核心国际然后也建议购物投资呢去重视啊第一个就是我们展开了汇报一下就是第一个主要这块的一个供需格局的变化呃这个天悦呢他目前呢整体大概是在这个80%左右的一个输入啊来自于这个新能源这一块那天悦在新能源这块主要做这个碳化硅的供应器件里面的这个碳化硅的称积啊这个环境碳化硅呢它属于第三代半导体整体的这个 无论从性能的参数还是这个随着表现来看都是非常优异的那以碳化硅为代表的这个第三代半导体呢他这种材料具有这个宽静带以及这个电更饱和的这个电子漂移率以及热导率包括还有这个集穿电场这些都比较强这些优势在新的原车上的话这个碳化硅呢 它这个耐高压的特性呢尤其适合去做这个800伏以上的这个高压快充的这种车型同时呢碳化硅这个方案呢也可以实现这个新能源车的单电的系统的一个降本增效从而去提高这个新能源车的尤其纯电车的这个续航那碳化硅呢可以实现这 ...

国泰君安证券股份有限公司、海通证券股份有限公司 关于山东天岳先进科技股份有限公司 2024 年度持续督导年度跟踪报告 | 保荐机构名称:国泰君安证券股份有限公司 | 被保荐公司简称:天岳先进 | | --- | --- | | 保荐代表人姓名:王晓洁、蒋勇 | | | 保荐机构名称:海通证券股份有限公司 | 被保荐公司代码:688234.SH | | 保荐代表人姓名:邬凯丞、邬岳阳 | | 4 重大事项提示 经中国证券监督管理委员会《关于同意山东天岳先进科技股份有限公司首次 公开发行股票注册的批复》(证监许可(2021)3935号)批复,山东天岳先进科 技股份有限公司(以下简称"上市公司"、"公司"或"发行人")首次公开发行股票 4,297.1105 万股,每股面值人民币 1元,每股发行价格人民币 82.79元,募集资 金总额为人民币 355,757.78 万元,扣除发行费用后,实际募集资金净额为人民币 320,347.13 万元。本次发行证券已于 2022年 1 月 12 日在上海证券交易所上市。 国泰君安证券股份有限公司、海通证券股份有限公司（以下简称"保荐机构"） 担任其持续督导保荐机构,持续督导期间为 ...

国泰君安证券股份有限公司、海通证券股份有限公司 关于山东天岳先进科技股份有限公司 2024 年度持续督导现场检查报告 上海证券交易所: 国泰君安证券股份有限公司、海通证券股份有限公司 (二) 保荐代表人 国泰君安证券股份有限公司:王晓洁、蒋勇 海通证券股份有限公司:邬凯丞、邬岳阳 (三) 现场检查时间 经中国证券监督管理委员会《关于同意山东天岳先进科技股份有限公司首 次公开发行股票注册的批复》(证监许可(2021)3935号)批复,山东天岳先进 科技股份有限公司(以下简称"天岳先进"、"上市公司"、"公司")首次公开发 行股票 42.971,105 股,每股面值人民币 1元,每股发行价格人民币 82.79 元,募 集资金总额为人民币 355,757.78 万元,扣除发行费用后,实际募集资金净额为人 民币 320.347.13 万元。本次发行证券已于 2022年 1 月 12 日在上海证券交易所上 市。国泰君安证券股份有限公司、海通证券股份有限公司(以下简称"保荐机构") 担任其持续督导保荐机构,持续督导期间为 2022年 1 月 12 日至 2025年 12 月 31日。 根据《证券发行上市保荐业务管理办法》 ...

Core Insights - Tianyue Advanced (688234) reported a closing price of 62.0 yuan as of March 31, 2025, with a decline of 3.14% [1] - The company achieved a total revenue of 1.768 billion yuan for the year 2024, reflecting a year-on-year growth of 41.37% [1] - Net profit attributable to shareholders reached 179 million yuan, marking a significant increase of 491.56% year-on-year [1] Financial Performance - The company's operating revenue for 2024 was 1.768 billion yuan, up 41.37% from the previous year [1] - Net profit attributable to shareholders was 179 million yuan, showing a remarkable growth of 491.56% [1] - The company's non-recurring net profit was 156 million yuan, which is an increase of 238.48% year-on-year [1] - Current ratio stands at 2.025, quick ratio at 1.363, and debt-to-asset ratio at 27.78% [1] Investment and Intellectual Property - Tianyue Advanced has made investments in 13 companies and participated in 42 bidding projects [2] - The company holds 16 trademark registrations and 602 patents, along with 55 administrative licenses [2]